Annual report pursuant to Section 13 and 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.22.2.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
May 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) [Line Items]  
Property, Plant and Equipment [Table Text Block]

Property, plant and equipment consisted of the following at May 31, 2022 and 2021:

 

   

May 31,

    

May 31,

  
   

2022

    

2021

  

Office equipment

   $ 132,859     $ 120,068  

Furniture & fixtures

     148,358       145,103  

Machinery & equipment

     2,447,715       1,823,094  

Leasehold improvements

     3,686,951       2,822,017  

Less: accumulated depreciation

     (2,073,449

)

     (1,434,614

)

Property and equipment, net

   $ 4,342,434     $ 3,475,668  

 
Disaggregation of Revenue [Table Text Block]

The following table represents a disaggregation of revenue for the years ended May 31, 2022 and 2021:

 

   

2022

    

2021

  

Cannabis Dispensary

   $ 14,869,852     $ 14,595,115  

Cannabis Production

     7,793,043       4,696,972  
    $ 22,662,895     $ 19,292,087  

 
Estimated Useful LIfe [Member]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) [Line Items]  
Property, Plant and Equipment [Table Text Block]

Property and equipment is recorded at the lower of cost or estimated net recoverable amount, and is depreciated using the straight-line method over its estimated useful life. Property acquired in a business combination is recorded at estimated initial fair value. Property, plant, and equipment are depreciated using the straight-line method based on the lesser of the estimated useful lives of the assets or the lease term based upon the following life expectancy:

 

 

 

Years

 

Office equipment

 

 

3 to 5

 

Furniture & fixtures

 

 

3 to 7

 

Machinery & equipment

 

 

3 to 10

 

Leasehold improvements

 

Term of lease